Mirant Comments on FERC Report
Wednesday March 26, 7:37 pm ET
ATLANTA, March 26 /PRNewswire-FirstCall/ -- Mirant (NYSE: MIR - News) issued the following statement from Doug Miller, the company's senior vice president and general counsel, in response to the recommendations issued today by the Federal Energy Regulatory Commission (FERC) and its staff:
* "While FERC has left some important work undone, it has made progress
toward resolving important issues for our industry.
* "FERC has asked Mirant to further explain a few of its specific
actions in the western power market. FERC made similar requests of a
large number of other companies, including investor owned and
municipally owned utilities. We welcome this opportunity to speak
directly to FERC about the extensive, Mirant-specific information we
provided to the Commission in our March 20th filing. We're confident
in our ability to demonstrate that we operated with integrity.
* "We're encouraged to note that FERC made specific reference to
Mirant's formal process for reporting information on natural gas
transactions to the trade press. Our reporting process complies
substantially with FERC's recommendations.
* "Regarding the California refund proceeding, Mirant is disappointed
that FERC altered the gas price methodology to arrive at revised gas
prices for use in the refund methodology. However, even under the new
gas calculations, we believe that the net effect is that Mirant will
still be owed a substantial amount of money by the California Power
Exchange and the California Independent System Operator.
* "Considering the issue of long-term contracts, Mirant is very
encouraged by the recommendations of the Commission's legal staff to
uphold the Mobile Sierra doctrine and strongly affirm the sanctity of
these contracts. Mirant encourages FERC to bring this fundamental
issue to a quick resolution.
* "All along Mirant said it operated with integrity and within the rules
of the California marketplace. There have been no findings to prove
otherwise. From the start of the Commission's inquiry, Mirant has
cooperated with every request made by FERC staff, and we will continue
to do so.
* "FERC's actions in no way repudiate the value delivered to Americans
by the competitive energy sector."
Visit us at www.mirant.com. |
